McKissock Liberty University -Chp.1 Basic Appraisal Principles, McKissock with correct answers

Chp.1 Basic Appraisal Principles, USPAP defines an appraiser as.... - correct answer one who performs valuation services in a manner that is independent, impartial, and objective. FIRREA stands for - correct answer Financial Institutions Reform, Recovery, and Enforcement Act of 1989 What is one of the first things an appraiser must do when accepting an assignment? - correct answer Identify client and intended users, identify intended use of the appraiser's opinions/conclusions An appraiser identifies the intended use and users at.... - correct answer the time of assignment "Credible" in the appraisal world is defined as - correct answer worthy of belief Scope of Work, in general, refers to - correct answer the extent to which a property is identified, extent of property inspection, type of data to be researched, type/extent of analysis applied in order to reach conclusions Can an appraiser take an assignment wherein the client states the value they need/are looking for? - correct answer No. Taking this assignment would be against USPAP and the code of ethics. The appraiser can only disclose confidential information to: - correct answer client, client-authorized users, state appraiser regulatory agencies, authorized peer review commitee, 3rd parties authorized by law What would an appraiser need to do to take on an assignment they do not have competency in? - correct answer Disclose the lack of competency, describe in report the lack of competency as well as the steps they took to gain competency